Remittance slip to $2bn.

 Remittance slip to $2bn in February.

Pakistan worker's remittance -the money sent home by expatriates-fell 9.5% to $2 billion in February,year-on-year, as economic uncertainties and exchange rate fluctuations prompted people to use illegitimate channels for transactions.

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On the other hand, month-on-month, these inflows increased by 4.9% compared to $1.9 billion recorded in January 2023.

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Remittance for the first eight months ( july-feburary) of the fiscal year 2022-23 were recorded at $17.99 billion, showing a fall of 10.8% compared to $20.18 billion in the same period of FY 2022.

The SBP-held foreign exchange reserves rose above the $4 billion mark after the cash-strapped nation received a $500 million loan from a Chinese bank.

The Central bank, in it's weekly bulletin, said that it's foreign exchange reserves have increased by $487 million to $4,301 million as of the week ended March 3 , which will provide an import cover of around a month.

Finance Minister Ishaq Dar said on Thursday Pakistan was "very close" to signing staff -level agreement with the International Minister Fund(IMF) , which would offer a critical lifeline for taming a balance of payment crisis.

An agreement would release $1.1 billion to the cash-strapped South Asian Country.

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.................,. Remittance slip to $2bn in February...............................